IPAA 10 th Annual Oil & Gas Investment Symposium April 21, 2004

1. IPAA 10th AnnualOil & Gas Investment Symposium April 21, 2004 Tom Graves, President and CEO Doug Weir, SVP and CFO Mike FitzGerald, SVP – Exploration and Production

2. Safe-Harbor Statement Except for the historical information contained herein, the matters set forth in this presentation are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The company intends that all such statements be subject to the “safe-harbor” provisions of those acts. Many important risks, factors and conditions may cause the company’s actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to, estimates of reserves, estimates of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, the ability of Toreador to obtain additional capital, and other risks and uncertainties described in the company’s filings with the Securities and Exchange Commission. The historical results achieved by the company are not necessarily indicative of its future prospects. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

3. Cautionary Note to Investors The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation, such as probable reserves and potential reserves, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to also consider closely the disclosure in our Form 10-K for the fiscal year ended December 31, 2003, available from us by calling (214) 559-3933. You can also obtain this form from the SEC at www.sec.gov. The term “potential,” when referring to Toreador’s reserves or its percentage of reserves, represents Toreador management’s current belief or judgment, based on information available to it, regarding the potential reserves that could be recovered or could be recoverable. These numbers should not be viewed as reliable for the purposes of estimating Toreador’s reserves or its prospects. Additionally, the term “potential” has no engineering significance and is not related to the term “possible” as that term may be used by the Society of Petroleum Engineers.

4. BUCHAREST PARIS DALLAS HEADQUARTERS ANKARA Global Operations

5. International Explorer, Developer • $45 mm sale of U.S. mineral/royalty portfolio in early ’04 • Eliminated debt (~$30 mm) • Increased stockholders’ equity by ~$20 mm • Focus on int’l operations in France, Turkey, Romania • Upside potential • Greater value-creation opportunities • Retain nonoperated working interests • 900 wells primarily in 5 states • Pursue nonoperated working-interest acquisitions, participation in select exploratory wells

6. Competitive Advantages • Interests in politically stable, highly prospective regions — Europe, Eastern Mediterranean, U.S. • Dependable production, development projects balance exploration portfolio, risk • Worldwide technical abilities (experience in 40+ countries) • Experienced, successful management team

7. Value-Enhancing Growth Strategy • Pursue exploration program • Focus on early, lower-cost stage, e.g., Romania • Identify high-quality opportunities • Capitalize on technical, management team expertise • Identify “best fit” acquisitions • Add key producing properties, e.g., France, Romania • Take advantage of industry consolidation • Accelerate development, rehabilitation projects for production, revenue recovery

8. Total Reserves As of December 31, 2003 Probable: 5,837 MBOE Proved: 15,585 MBOE

9. U.S.-International Balance Post-U.S. Sale Proved Reserves -- 13.6 MMBOE (January 2004)

10. Reserves by Country(Including Potential) MMBOE As of December 31, 2003

11. Working Interests KANSAS OKLAHOMA NEW MEXICO TEXAS LOUISIANA Remaining U.S. Assets Part of Strategic Base

12. International Portfolio: France, Turkey, Romania • Exploration • Turkey – Western Black Sea (gas prospects identified; plan to drill in mid-2004) and onshore Calgan oil prospect (drill 2004) • France – plan to drill shallow exploratory wells • Romania – geologic/geophysical analysis • Development • France – development opportunities in 5 fields • Turkey – ongoing work in 2 fields; well re-entries • Romania – re-entries, recompletions

13. France Provides Production, Value • Five producing oil fields (100% owned/operated) • Sizable acreage • Favorable economics • Attractive fiscal terms • Existing infrastructure • Limited competition

14. Chalons-en-Champagne Meaux Paris Villeperdue Chaunoy St. Dizier Charmottes Field Melun Provins Troyes 20 km Oil Field Gas Field Neocomian Channel Trend Interest in Development Acreage Exploration Acreage Nemours Permit Aufferville Permit Courtenay Permit Montargis Neocomian Field Complex France: Paris Basin

15. Charmottes Field Chaunoy Courtenay Permit Oil Field Neocomian Channel Trend Interest in Development Acreage Exploration Acreage Neocomian Field Complex France: Exploration,Development Opportunities

16. Provide revenue, replace production $5-6 MM Exploration, Development Program Scheduled for 2004 • Neocomian Field Complex • Extensive rehabilitation in 4 producing oil fields • Development drilling, numerous sidetrack wells • Charmottes Field – horizontal development well • Courtenay permit – cost-efficient exploratory wells

17. Turkey: Operational Advantages • Readily accessible industrial markets • Positive government influence • Aggressive, stable gas prices ($4-$5/Mcf) • Strategic infrastructure in place • Expansive, accessible technical data base

18. Black Sea BOTAS-RUSSIAN GAS PIPELINE BULGARIA GEORGIA Istanbul GREECE Samsun Zonguldak ARMENIA Tekirdag BLUE STREAM GAS PIPELINE Refinery Oil Field Gas Field Interest in Development Acreage Exploration Acreage Refinery Ankara Kirikkale IRAN CENDERE FIELD ZEYNEL FIELD Adana IRAQ SYRIA Mediterranean Sea Turkey: Prospective Onshore/Offshore Acreage

19. First Black Sea Exploratory Well Planned for Mid-2004 • Location chosen from 6 gas prospects • Relatively low-cost shallow-water jackup rig operation • Second wildcat anticipated in 2005 • Operator with 49% working interest

20. Black Sea Zonguldak Eregli Exploration Acreage Pipeline Refinery Turkey: Western Black Sea

21. Tertiary Prospect Cretaceous Prospect Fault Proposed Well Site EREGLI DEEP So. EREGLI Eregli COASTAL EREGLI 1 10 km ALAPLI 2 So. AKCAKOCA Ayazli-1 COASTAL AKCAKOCA Turkey: Black Sea Prospects

22. Turkey: Steady Development • Cendere Field • Cendere-20 development well scheduled • 3D survey to be conducted • 19.6% working interest • Zeynel Field • Steady production, ongoing development • 8.5% royalty interest • Sinop area • Re-entry in 2004 • 100% working interest in 6 permits

23. CENDERE FIELD ZEYNEL FIELD Oil Field Interest in Development Acreage Exploration Acreage Prospect Pipeline EAST HASANCIK CALGAN Turkey:Cendere and Zeynel Fields

24. Exploration Acreage Gas Well - Not Producing BOYABAT-3 BOYABAT-4 BOYABAT-2 50 km Turkey: Sinop Area

25. Romania Balances Rehabilitation, Exploration Opportunities • Fauresti Block – rehabilitation activity includes multiple re-entries 2H 2004 • Viperesti and Moinesti blocks – evaluating geological, geophysical data for future exploration activity • 100% owner and operator

26. Moinesti Block Carpathian Mountains Viperesti Block 50 km BUCHAREST Fauresti Block Oil Field Gas Field Exploration Acreage Romania: Exploration, Development Potential

27. Toreador: A Valuable Investment • Positive outlook • Upside international potential • Disciplined growth strategy • Solid ongoing development, production • Strong balance sheet • Lean operating structure • Experienced management team with world-class technical expertise • 2004 offers good balance between exploration and development